KSE-100 Index rebounds: BRIndex100 keeps falling

KARACHI: Pakistan Stock Exchange Thursday witnessed a mixed trend due to absence of positive triggers and lack of interest of local investors.

BRIndex100 lost 21.34 points or 0.43 percent to close at 4,994.39 points. BRIndex100 hit intraday high of 5,017.54 points and intraday low of 4,980.49 points. Volumes stood at 337.847 million shares.

BRIndex30 gained 50.06 points or 0.2 percent to close at 24,674.08 points with a turnover of 203.842 million shares.

The KSE-100 Index increased by 228.41 points or 0.49 percent to close at 46,625.12 points. Trading activity remained low as daily volumes on ready counter decreased to 396.430 million shares as compared to 477.865 million shares traded Wednesday.

Foreign investors remained on the selling side and withdrew $5.866 million from local capital market. The market capitalization increased by Rs 10 billion to Rs 8.169 trillion. Out of total 525 active scrips, 252 closed in positive and 245 in negative while the value of 28 stocks remained unchanged.

Ghani Global Holding was the volume leader with 56.821 million shares however declined by Rs 3.44 to close at Rs 44.95 followed Telecard Limited that lost Rs 0.14 to close at Rs 22.97 with 41.117 million shares. Nestle Pakistan and Allawasaya Textile were the top gainers increasing by Rs 130.50 and Rs 87.50 respectively to close at Rs 6295.00 and Rs 1254.21 while Gatron Industries and Pak Tobacco were the top losers declining by Rs 38.89 and Rs 26.31 respectively to close at Rs 480.01 and Rs 1165.69.

BR Automobile Assembler Index gained 58.29 points or 0.63 percent to close at 9,250.37 points with total turnover of 2.837 million shares.

BR Cement Index declined by 58.02 points or 0.9 percent to close at 6,423.19 points with 19.146 million shares.

BR Commercial Banks Index inched up by 46.46 points or 0.5 percent to close at 9,336.48 points with 19.282 million shares.

BR Power Generation and Distribution Index added 36.28 points or 0.65 percent to close at 5,599.99 points with 9.077 million shares.

BR Oil and Gas Index closed at 3,847.75 points, up 19.38 points or 0.51 percent with 6.030 million shares.

BR Tech. & Comm. Index surged by 82.4 points or 1.64 percent to close at 5,099.02 points with 111.179 million shares.

An analyst at Arif Habib Limited said that the market moved up after downward adjustment witnessed a day earlier in the outcome of MSCI reclassification of Pakistan from Emerging Market to Frontier market.

Technology, Cement, O&GMCs, Fertilizer sector stocks performed well. Steel and Refinery sectors remained laggard. Octopus Digital scored high on the first day of its IPO, where the target quantity was met in the first 24 minutes after opening of bidding session, whereas the total bid size against issue size of 27.35 million shares crossed 6x on the first day. This helped AVN hit upper circuit, which is the parent company of Octopus digital.

Sectors contributing to the performance include Technology (up 58 points), Banks (up 49 points), Misc (up 38 points), Fertilizer (up 36 points) and E&P (up 31 points).

Stocks that contributed positively to the index include PSEL (up 43 points), TRG (up 34 points), MEBL (up 32 points), SYS (up 28 points) and ENGRO (up 24 points). Stocks that contributed negatively include LUCK (down 42 points), HBL (down 18 points), PAKT (down 8 points), CHCC (down 7 points) and PSX (down 5 points).

Copyright Business Recorder, 2021